Sixth Street Specialty Lending, Inc. Prices Public Offering of $300 Million 2.500% Unsecured Notes Due 2026
Sixth Street Specialty Lending, Inc. (NYSE:TSLX) (“TSLX” or the “Company”) announced today that it has priced an underwritten public offering of $300 million in aggregate principal amount of 2.500% notes due 2026. The notes will mature on August 1, 2026 and may be redeemed in whole or in part at TSLX’s option at any time at par plus a “make-whole” premium, if applicable.
TSLX expects to use the net proceeds of the offering to pay down outstanding debt under its revolving credit facility. However, through re-borrowing under the revolving credit facility, TSLX intends to make new investments in accordance with its investment objectives and strategies outlined in the preliminary prospectus supplement and the accompanying prospectus described below in greater detail.
In connection with the offering, TSLX intends to enter into an interest rate swap to better align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans.
BofA Securities, J.P. Morgan and SMBC Nikko are acting as joint book-running managers for this offering. Citigroup, Goldman Sachs & Co. LLC, HSBC, Mizuho Securities, Morgan Stanley, MUFG, RBC, Truist Securities and Wells Fargo Securities are also acting as book-running managers for this offering. Comerica Securities, ICBC Standard Bank, Janney Montgomery Scott, JMP Securities, Keefe, Bruyette & Woods, A Stifel Company, R. Seelaus & Co., LLC, Raymond James and Santander are acting as co-managers for this offering. The offering is expected to close on February 3, 2021, subject to customary closing conditions.
Investors are advised to carefully consider the investment objectives, risks, charges and expenses of the Company before investing. The pricing term sheet dated January 27, 2021, the preliminary prospectus supplement dated January 27, 2021 and the accompanying prospectus dated May 7, 2019, each of which have been or will be filed with the Securities and Exchange Commission (“SEC”), contain this and other information about the Company and should be read carefully before investing.
The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of TSLX and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.